According to Czech laws, forex broker services are generally classified as investment services. Companies carrying out Forex activities must have a special license from the Czech National Bank, regulated by the MIFID – the EU Directive on Financial Instruments in the EU Markets.
1) EUR 125,000 if the company provides the following services (STP license):
2) EUR 730,000 if the company provides the following services (Market Maker license):
In each case, one must prove the source of funds.
Besides, at least two board members with sufficient qualifications and education in the Check Republic are required.
Founders of a forex broker company, who own 10% or more of its shares, must meet high qualifications and have the required knowledge in the field of investment services and have experience in managing a broker company.
1) employees of the company must have sufficient skills, experience, and competence to perform professional or official duties;
Only individuals who have the relevant education, experience, and professional qualifications necessary to manage an investment firm with an impeccable reputation can be elected or appointed as the heads of investment companies.
The management of a forex company must consist of at least two members.
Members of the board of an investment company must have a university diploma or an equivalent certificate on education, as well as the experience necessary to manage an investment firm.
A company that has received a forex license in the Czech Republic must have an operating office in the Czech Republic.
A company that obtains a forex license should not have any subsidiaries, except for those that carry out the same investment activities.
Having got a forex broker license in the Czech Republic, the company can further operate as a forex broker in other EU countries after going through a simple certification procedure.
From 6 to 9 months (including the time for preparing documents)
Cost of a license
The cost of our services for the full process of obtaining a license is EUR 30,000 (+ VAT 21%) plus possible additional costs.
This amount is to be paid in the following order: 50% before starting work and 50% after confirmation of the application by the Czech National Bank.
The specialists of Eternity Law International will provide you with expert advice on obtaining a license in a suitable jurisdiction.
If you still have any questions regarding obtaining a license in the Czech Republic or any other jurisdiction you are interested in, please contact our specialists for detailed advice.